What Is the Process of a Nonjudicial Foreclosure?

A nonjudicial foreclosure is a type of foreclosure that does not go through the court system. The foreclosure process begins when the borrower defaults on their loan and the lender sends a notice of default. The borrower then has a certain amount of time to cure the default, which is usually 30 days. If the borrower does not cure the default, the lender can then start the nonjudicial foreclosure process.

The first step in a nonjudicial foreclosure is for the lender to send a notice of sale to the borrower. This notice must be sent at least 20 days before the sale date. The notice will state the date, time, and location of the sale. It will also state that the property will be sold to the highest bidder.

The second step is for the lender to publish a notice of sale in a newspaper.

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